XRP (XRP) Remains Poised for Further Gains, with Analysts Noting Key Levels That Could Determine the Next Phase of Its Uptrend

Following a significant rally, XRP remains poised for further gains, with analysts noting key levels that could determine the next phase of its uptrend.

XRP price analysis for March 23, 2023, reveals that the world’s sixth-largest cryptocurrency is experiencing a bullish momentum after surging over 15 percent during recent trades. XRP broke the resistance at $3.05 for an upside move that took it to the $3.40 level. Such a robust move helped XRP pip Bitcoin and Ethereum as the talk of the crypto market, and in Google Search trends. However, the token saw a mild correction toward the low at $2.81 after testing the $3.40 mark and rebounded afterward.

Currently, XRP trades below $3.25 and its 100-hourly simple moving average. A connecting bearish trend line near $3.20 presents a critical resistance point, with additional barriers at $3.23 and $3.32. Despite these hurdles, a decisive break above $3.32 could pave the way for XRP to revisit $3.40 and potentially aim for a new all-time high above $3.50.

On the downside, XRP’s immediate support lies at $3.00, followed by a robust level at $2.88. Analysts caution that a break below $2.88 could trigger a deeper decline toward $2.75 or even $2.65. For now, the $2.88 support remains a critical zone for bulls to defend to sustain the broader uptrend.

Technical indicators suggest mixed signals for XRP’s short-term trajectory. The hourly MACD has shifted into the bullish zone, indicating positive momentum. However, the Relative Strength Index (RSI) remains below 50, reflecting cautious market sentiment.

As XRP hits $3, it boosts confidence for a potential surge toward even higher prices.

Traders can observe the $3.20 and $3.23 levels as key resistance zones to monitor. A clear move above these thresholds could attract additional buying pressure, while failure to break through may result in consolidation or a retest of lower support levels.

The price movements come amid heightened legal and regulatory developments. The ongoing SEC v. Ripple case has significantly influenced market sentiment. Recent reports suggest that the SEC, under interim leadership, may review its stance on non-fraud crypto cases. Legal clarity could act as a catalyst for XRP, particularly if the SEC withdraws its appeal against Ripple’s earlier legal victory.

John E. Deaton, a prominent attorney representing XRP investors, recently called for the dismissal of non-fraud crypto cases, stating, “If a new Golden Age of innovation is indeed upon us, all non-fraud cases, including Ripple, Coinbase, and Kraken, should be dismissed.” Such a development could alleviate uncertainty and drive XRP demand.

The broader crypto market’s performance, coupled with macroeconomic factors, will likely influence XRP’s near-term trajectory. Ripple’s potential ETF approval and increased adoption could further bolster the token’s appeal. Bitcoin’s recent dip below $100,000 has also shifted investor focus to altcoins, providing an additional tailwind for XRP.

Looking ahead, a favorable resolution in the SEC case and sustained market momentum could position XRP for new highs and even flip Etherem’s market cap. Traders and investors will closely watch the $3.20 resistance and $2.88 support as pivotal levels that may define the token’s next move.